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June 2018 Archives

Creating an estate plan that family members understand

Some people in Pennsylvania who have a will might want to think about whether additional documentation could be useful in their estate plan. Wills and other estate planning documents can cause conflict between family members, but often this is because they do not understand the rationale behind the plan. However, there are ways to convey this rationale to loved ones.

Possible advantages of keeping a home in divorce

Some women in Pennsylvania may want to consider keeping the family home in a divorce. A study by the Center for Retirement Research found that households where no divorce had occurred had a net worth that was 30 percent higher than those where there had been a divorce. The study also found that divorce meant a 5 percent higher likelihood of running out of assets in retirement. However, women who were single and divorced tended to be in the same situation financially as women who never married, and the reason seemed to be because they kept the home.

Key divorce pitfalls to avoid

It can be easy for divorcing spouses in Pennsylvania to make mistakes that cost them money. For some, it is because they have no formal financial education. At a minimum, an individual should create a balance sheet that lists their assets and liabilities. They should also be able to analyze a tax return, and an accountant or other adviser could assist the spouse in doing so.

Alimony payments aren't just for men anymore

According to a study from the American Academy of Matrimonial Lawyers, women in Pennsylvania and throughout the country are increasingly being asked to pay alimony. Of the lawyers surveyed, 45 percent said that the number of women paying spousal support had gone up in the past three years. Furthermore, 54 percent said that a larger number of women were paying child support. This is largely a consequence of females earning more money than they did in previous decades.

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